BlackRock’s Bitcoin ETF flips gold fund

2024-11-12 09:32:51 Primitive Reading

From cointelegraph by Alex O'Donnell

BlackRock’s Bitcoin BTC$82,448 exchange-traded fund (ETF) now holds more assets than the asset manager’s gold ETF despite only launching in January, data from BlackRock shows.

iShares Bitcoin Trust (IBIT) exceeds $33 billion in net assets as of Nov. 8, surpassing iShares Gold Trust (IAU), which holds just shy of that amount, according to iShares.

It’s an “absolutely wild” feat because IBIT launched only 10 months ago, whereas IAU has been trading since 2005, Nate Geraci, president of The ETF Store, said in a Nov. 8 post on the X platform.

Source: Nate Geraci

Related: BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high

The crypto market surged following Donald Trump’s victory in the United States presidential election, as many believe his win will benefit the industry, Cointelegraph Research said.

Nov. 6 was IBIT’s “biggest volume day ever” as investors flocked to cryptocurrencies after Trump’s election win, Bloomberg ETF analyst Eric Balchunas said in a Nov. 6 X post.

On Nov. 7, IBIT clocked $1.1 billion in inflows, reclaiming inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside data.

Meanwhile, Bitcoin continued the trend of consecutive daily all-time highs as BTC’s price traded above $76,800.

Top ETF launches. Source: The ETF Store

Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024, Geraci said in an X post.

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